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>>>Anyone of them could be another GGP...or another dud

Exactly that Andrew, but a point of note on that is if Zambia for example, is a dud, this company is better placed to move on from that.

Warrants need to be incentivised for ‘take up’ to raise. Generally, new shares are more likely to end up with genuine investors though and less likely to be flipped for quick profit if that’s any consolation

Yep, fully see it flipper, been following Arcm for as long as been in Xtr but always held back putting money in.

Maybe now is an ideal time.

Revenue to support operating costs is key for me though.

A kick in the teeth for the Arcm investors, but can only once again offer a polite reminder that over this side of the fence, up to $15m will be guaranteed in staged payments up to Q1’27 to certainly keep the candle burning and to advance the remaining assets so should underpin a level of share value if things get worse globally before improving.

No it doesn’t guarantee there will not be a raise down the road, but if there is, it will be for a genuine growth opportunity toward a major development or exploration programme rather than out of the necessity to.

Also leaves Xtr in a position to pick and choose any new small to medium scale opportunities. How many of our peers are positioned for M&A activity to add to their portfolios?

😂 I’m lucky in that I can virtually live wherever I choose

Hey MtM are you questioning OldSchools dubious parentage now?

Keep em coming my friend 👍

>>> I still think there may be a better chance of success on Arc area than ours as AA are overseeing the drilling.

CB mentioning it may well be one of other drillers that make a find first, he likely has similar thoughts to have mentioned it. If so, would no doubt heighten activity to merge with or acquire these relatively unexplored areas. One thing I could offer on the Xtr Arcm debate is that we know xtr have an initial 55% interest increasing to 65% if the exploration buy in criteria is met. Are investors considering how ARCM are positioned in their JV in comparing with XTR.

Unico Minerals hold 30% interest, a 67% subsidiary of ARCM. The remaining 70% retained by AA. So would surmise ARCM actual interest is circa 21% is that right?

But also on top of that is that xtr will not be at the mercy of a controlling partner and are going to be calling the shots themselves on direction, budget and timeframe.

I do appreciate the benefits of the ARCM deal being potentially less risky to shareholders so as always I guess it could come down to personal risk aversion.

Hi flipper xtr believes there is scope for the discovery of potentially high-grade Kamoa-style mineralisation at depth and lower grade Kolwezi style bulk copper tonnage that includes Cobalt at or near-surface, so would guess both would be of interest to target to build a resource around.

Hi Andrew fair points all the way as your usual, however the xtr geo team have been given access to AA’s historical data if I could draw your attention to the paragraph below from most recent Zambian RNS

-Xtract now has exclusive access to unique historic data sets generated by Anglo American plc which pre-date any proper understanding of the Western Foreland geological setting and potential. This has enabled a fast-track early-stage exploration strategy on a very cost-effective basis that will save an estimated US$1.5M in direct exploration costs during Phase 1 of the Joint Venture.

There is a good degree more science involved than hope in those early drilling targets

Means it’s time to carefully decide if you want your continued investment to support what is now essentially an exploratition play for now, to see a return if you had previously invested for Manica or evaluated your longer term investment strategy centred around its income.

Before you decide to part company and put your money into your next favourite play, consider that ‘now,’ with guarantees of ‘all’ income to budget activities and meaningfully advance the remaining projects old and new, without the real risk of more serious dilution that will be necessary to buy into the next phase of Manica. At current MC, it will not be achievable regardless. Also, considering the overwhelming majority that voted in favour of the disposal would have certainly meant that take up to raise capital investment for Manica would have not been successful anyway had they continued.

Can all be guided by the interests of the majority shareholders that the company have gone in the right direction.

OSV @16.10 made a fair point.

Don’t think Manica was a bad decision, it needs further investment that is now not viable for the company with current market capitalisation.

From acquisition of Manica, through to first gold pour. The board would have already been looking toward the second mine phase and where the company would need to be positioned financially in terms of a ‘desired healthy market capitalisation to warrant the necessary, dilution to shareholders that would occur with the investment necessary.

So the whole PR drive aimed at driving share price up throughout phase 2 of BR likely had an alternate strategy, which is not unreasonable to imagine!

With the global downturn, a major contributing factor to current level of market cap, the risk v rewards for entering into the next development stage are now too unfavourable.

The company will certainly have required access to further capital. So at a £40-50m market cap, the company would have greater access to capital and to be in a position to absorb any unforseen costs that could incur.

Once CB stated that he is going to stop worrying about the share price, the decision to dispose of Manica may have already been made.

Continuing would have decimated share value.

What, real money Jez? 😬

I’ve just added another few million more xtr shares to my fantasy portfolio

There is need to first understand the difficulties and real risks in transitioning to underground mining before anyone should even doubt the decision to offload Manica. Let alone, the financial risk burden that can spiral ‘toward’ getting the feasibility study, along with the next mining phase’s NPV that will determine the next development stage. (Upgrade or new) Also, being in a JV as a minority partner who have already shown to be difficult to get monies owed from (Quoted by CB) citing questionable Op costs. Is essential to go into a JV with expectations aligned.

Mines are formed around their natural foundations. So in optimising the NPV for that transition, they will be dictated by natural characteristics and not just follow a predetermined development path or design for an UG mine as there isn’t one.

It really isn’t a straightforward process. It’s not a case of agreeing to build a new plant or upgrade and then design an underground mine around it.

To determine an NPV for the mines next phase, they need to design the UG mine. The crown pillars (rock left in situ for natural support) would ideally be located where there is rock with low economic worth or is barren as these areas are not mineable in the next phase. So obviously there is need for a lot of deeper drilling than the known resource. This all needs to be determined before designing, that optimises the NPV and toward the feasibility study.

Would Manica have been sold anyway?

I would be confident in saying that the disposal would have happened regardless of activities or commitments elsewhere.

“He, she” Billy 😉

Ok Jez, yeah I am Colin’s bird.

definately not! there’ll be no turd polishing from me.

what on earth is a ‘polished’ turd anyway mralien. can’t get my head around that. i’m sure you meant, to polish a turd. but that doesn’t make sense either, as that phrase implies the project is valueless so any improvements are irrelevant and a waste of time, so it doesn’t really fit.

you could have however, used the phrase, **** on a pig. that phrase certainly implies that its features are historic accidents, not crafted by a person, and entirely worthless as they stand. but again doesn’t fit.

in contrast, there must be a more suitable phrase that refers specifically to the results from work which will be done, and designed by a (connotatively implied to be overenthusiastic) intelligence, and, while the improvements will likely add value, this value is not recognized by some of the current shareholders.

Oh to be in the inner circle NtM, I could offer my services to get on the payroll to build colin a ménage and new stable block when he decides to buy another racehorse.

Honestly don’t know where he gets all his money from!

The third small scale mining prospect that Colin mentioned along with Chongwe and Kukuyu is the Silver king prospect, which has seen some historical mining there in the past. Records show there is silver as well as copper, but was abandoned as were many of the local mines nearby, Sable Antelooe (13km east) Crystal Jacket (8km east) but also with an operating mine called Lou-Lou (14km south) unless info is outdated. That could mean there is processing nearby.

Sable Antelope dates back to 1897 which was around the start of the industrial era for copper in Zambia. With the mining rush happening between 1906-1923 likely when silver king was worked, it was the discovery of the Zambian copper belt to the north that led to abandonment with little activity in the region until the 90’s when BHP Billiton acquired new survey data which led to a series of new Cu-Au anomalies

-Located in Central province of Zambia, 14.5772°S 26.8013°E the Silver King Prospect is characterized by a distinctive pipe-like ore body. This ore body stretches approximately 91 meters (298 feet) in length and spans a width of 17 meters (55 feet).

Much like a big carrot 🥕

Regional geology-

https://www.sciencedirect.com/science/article/abs/pii/S1464343X1930158X

Not confirmed but seems the likely candidate they are looking at.

I heard CB is looking for a personal protection operative for when he needs to walk along Kensington high street.

Perhaps you could put a word in for me NtM next time you get the chance to accost him 🙏😂

On the plus side regarding cash paid out, at least the company have no need to pay for services such as consultancy fees with its shares. Had a few RNS pop up in my watchlist from various other companies having done so.

I however, was more drawn to “awful acquisitions that will diminish any value” Won’t argue the point but just consider all operating mines started out as a ‘hopefull’ acquisition at some point. Can’t just give up because of a few duffers.

On that reasoning, perhaps should have taken a wide berth from Manica after the Chepica disaster.

Aitik mine in Sweden started out as a small scale mine with only a 50mt reserve of ore. It grew over many years of additional exploration to increase its reserves and scale to what it is today. Someone took a punt early on.

Disposal done and dusted, can only ask yourself if you genuinely believed that a share price uplift of any significance would have materialised from sticking with phase 2 of the mine development? On its own merit, it would appear to have ‘not’ done so far, therefore probably wouldn’t have improved share value much more considering the investment required toward the next phase and likely dilution.

Any value returned would have only come from the limited funds remaining, and after company operating costs are deducted toward other project developments.

Now, at least there is not that burden with all the associated risks involved, so the company can now step up its exploration activities with greater confidence of fulfilling its objectives and with a far better chance of returning some well deserved value back to us shareholders.

“am all for comparing my performance to any buy and hold player here that wants to..”

Ooh clickbait!

I’m up for that challenge MtM I reckon I’ve definitely ‘lost’ more money on AIM than you.